Hello Zelig and thanks for your question.
The Pilsen neighborhood, bounded by Damen, 16th Street, Canal and the
south branch of the Chicago River, has been a port-of-entry area for
many nationalities for more than a century.
Virtual Chicagoland
http://virtualchicagoland.com/rg/NhoodTown.php
The threshold question is whether you want to invest in residential
housing in the area, rather than its commercial/industrial stock:
"Land use in Pilsen is unusually mixed, with residential, commercial,
and industrial buildings on the same blocks, together with numerous
vacant lots. Pilsen is home to some of the oldest housing in the city
of Chicago: 78% of its 13,689, housing units were built before 1939,
and many buildings date back to before the 1877 Chicago Fire.
Traditionally a workers' housing district, Pilsen's many inexpensive
wood-frame buildings now show widespread physical deterioration,
exacerbated by a high number of absentee landlords. Between 1990 and
1998 Pilsen lost 359 housing units, a 2.6% loss for the community. In
Pilsen, more than 65% of housing units are occupied by renters,
compared to 60% for the city of Chicago."
UIC Neighborhoods Initiative
http://www.uic.edu/cuppa/gci/uicni/about/Pilsen.htm
Presently the population is mostly the working poor:
"Pilsen was an industrial neighborhood when Chicago was the nation's
industrial heartland. The industry faded, and many of the small old
homes followed suit. What is left of the industrial corridor helps to
isolate the neighborhood, and vacant lots abound. So do immigrant and
first generation Latino families, following a long Pilsen tradition of
working poor."
The Resurrection Project
http://www.fanniemaefoundation.org/grants/sea/rp/
If it's residential property that you're interested in, you should
note that the average rent paid in Pilson in 2000 was fairly low for
an urban area:
$220-$430 (1 BR) $240-$970 (2 BR) $230-$1,000 (3 BR)
Chicago Housing Fact Book
http://www.ci.chi.il.us/PlanAndDevelop/ChgoFacts/Housing.html
citing: Living in Greater Chicago, The Buyers and Renters Guide
Before I go further (and before you rate this answer!) can I suggest
that you tell me, via a 'clarification' the type of property you're
looking at? Is it the old, distressed residential property described
above? If so, what sort of property in other neighborhoods would you
like to see it compared with?
Looking forward to hearing from you,
richard-ga |
